"In this connection, it may be well to note that in times of great public danger when the metal coins disappeared from circulation, the government exercised the right to issue a legal tender paper money to meet the deficiency. It served all the purposes of gold, and often in the midst of adversity and disaster brought great industrial prosperity to the people. But when the danger had gone by, strange as it may appear, the government funded this legal tender paper into government bonds, payable, interest and principal, in coin. This process of converting the debt paying medium of the country into an interest bearing debt that must be paid in another kind of money which had been hidden away by the more wealthy in times of danger, was the foundation of the great bonded debt of this country which was established during the Transition Period. This bonded debt was made the basis of a national bank currency for the redemption of which, at first in legal tender paper and coin, and later in gold, the people as debtors to the banks were in the last analysis responsible. In other words the national bank currency derived its sole value as a reliable medium of exchange from the fact that it was based on the public credit, and this public credit belonged to the people, but the private banking associations got the benefit for the private gain of their stockholders, and the service rendered, cost the people many times its worth. "During the Transition Period in this country the people had three kinds of legal tender money, gold, silver, and paper, together with the national bank notes which were a legal tender as between the people and the government. At the close of this period, silver coin, and legal tender paper were made redeemable by the government in gold, on the demand of the holder; and all deferred payments were made payable in gold on the demand of the creditor. The great bulk of the business of the country among the people was transacted by the use of silver, paper and bank notes but the holders of these forms of currency could demand gold in exchange, and if for any cause the government failed to collect enough gold from the people to meet the demand it became the duty of the Secretary of the Treasury to sell interest bearing gold bonds to meet the deficiency. "Such in brief, was the complicated, cumbersome and unscientific system of exchanging, or distributing wealth, which existed under the old civilization. The means of production being fixed by natural law were the same then as now. Wealth always was and must always continue to be, the product of human labor and skill applied to natural resources, facilitated by such mechanical contrivances and business methods as human skill may devise. But the system of distribution being entirely under human control is continually changing as affected by human impulses, whether they be selfish, as in the olden time, or altruistic as they are now.